lapse

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Related to lapsing: call on, so far, brought out, took over

lapse

Health insurance Termination of coverage due to nonpayment within a specified time period
McGraw-Hill Concise Dictionary of Modern Medicine. © 2002 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
It is worth noting, however, that lapsing could be occasionally optimal in a financial model that allows for stochastic interest rates and/or volatility.
In fact, the independence is an unrealistic assumption because an informed policyholder will consider the value of the guarantee when deciding to lapse: if the account value will be low, the policyholder will not tend to lapse and, on the contrary, will consider the benefits of lapsing and buying a comparable policy again if his account value willbe high.
* Premiums paid by the policyholder have become unaffordable and the policy is in danger of lapsing;
Thus, it appears that lapsing of an otherwise nonlapse restriction in the event of a highly speculative IPO would not be a compensatory cancellation creating a taxable event.
Long-term health insurance contracts provide policyholders with the option of lapsing coverage or switching to another tariff within the same insurance company.